The average daily trading volume is around 47.5 million shares, and only about 13.6 million had been traded thus far on Wednesday. The stock’s 52-week trading range is $1.11 to $12.49. The loss had been pared to about 9.2% in the noon hour to $5.04. ![]() Vinco Ventures stock traded down as much as 14% earlier in the morning to $4.77. Vinco’s chief strategy office, Brian McFadden, resigned from the company on September 23 to become president of Cryptyde. In another federal filing Wednesday morning, the record date for the Cryptyde spin-off was delayed by a week, from October 15 to October 22. Another publicly traded firm, Cryptyde, will be created and spun off at the time of the merger. Bullish investors are looking at a merger between Vinco and Zash Global Media and the two companies’ intention to acquire a third company, Lomotif. The only proceeds the company gets will be the option exercise price if the warrants are exercised for cash.ĭespite encouraging words from WallStreetBets investors, the share price is diving. Vinco Ventures is not selling any shares and will not receive any proceeds from sales by the selling shareholders. All the shares are being issued in connection with convertible debt or warrants already issued. The company is registering 117.6 million shares of common at a maximum price of $6.45 each. The day’s biggest story may be the Form S-1 filing by Vinco Ventures Inc. Postal Service with thousands of new delivery vans. A reported SEC investigation has not helped the company recover from the loss of a major contract to supply the U.S. The company also has hired new people as chief technology officer and chief administrative officer, as new CEO Richard Dauch appears to be cleaning house. The company’s chief financial officer and chief operating officer left the company last week, and its top legal officer announced his departure on Tuesday. ( NASDAQ: WKHS) has dropped by around $2 a share in the past seven and a half days. The gain had been pared to about 1.2% by noon. The stock traded up as much as 10% in Tuesday’s after-hours session and was about 8% in Wednesday’s premarket. Army contract valued at more than $800 million. A short seller report released Tuesday absolutely blistered the company, and the CEO’s response did little to stop the bloodletting.Īs we noted in our morning report on meme stocks, Palantir Technologies Inc. ![]() ( NYSEAMERICAN: CEI) dropped more than 50% on Tuesday and traded down by about 20% at the noon hour Wednesday. The lackluster growth estimates also are likely to raise talk of future stagflation.Īmong meme stocks, losers outnumbered gainers, and Wednesday’s biggest loser was also Tuesday’s big loser. economy has reached its peak growth (6.3% and 6.7% real GDP growth in the first and second quarters, respectively). The Atlanta Federal Reserve’s GDPNow forecast for third-quarter GDP growth came in at a disappointing 1.3%. All three major indexes traded in the red, with the Nasdaq Composite showing the smallest loss and the Dow Jones industrials, the largest. Instead, Duane Hughes stated that management "met with USPS representatives to discuss the award and further specifics of the USPS selection process, the details of which cannot be disclosed at this time.At noon on Wednesday, the markets were trying to dig their way out of a hole that deepened earlier in the morning. On March 4, Workhorse Group provided an update to its discussions with the USPS, though there wasn't anything encouraging that the company reported. Investors' ebullience quickly faded when the company failed to provide meaningful commentary about the elephant in the room - the USPS contract. And looking to charge up investors' optimism for the road ahead, CEO Duane Hughes said, "We're entering the new year in our strongest-ever position, both financially and operationally." Evidently, investors were pleased shares closed more than 7% higher on the day of the earnings report than where they had closed the day before.īut the fanfare was short-lived. The company reported revenue of $652,000 in the quarter, resulting in 2020 sales of $1.4 million - a healthy increase over the $377,000 the company reported on its top line in 2019. Workhorse Group gave investors something to celebrate when it reported fourth-quarter 2020 results in early March.
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